Fort Capital Partners is pleased to announce its role as financial advisor and agent to Next Hydrogen Corporation with respect to the equity financing and commercial transactions
Next Hydrogen Corporation (“Next” or the “Company”) has completed a private placement (the “Financing“) of 5,554,500 subscription receipts for gross proceeds of $55,545,000. The Financing was comprised of a non-brokered private placement for gross proceeds of $27,000,000 and a concurrent brokered private placement for gross proceeds of $28,545,000. Collectively, the proceeds of the Financing are anticipated to be used to further develop the Company’s products, hire additional team members, conduct research and development, explore new markets and develop stronger manufacturing capabilities.
“Our unique and patented water electrolyzer design enables high current density operations, a superior dynamic response, and multi-MW scale hydrogen production. Together, this provides a strong technological advantage to significantly reduce the cost of green hydrogen generation that can decarbonize large segments of the economy,” said Raveel Afzaal, President and CEO of Next. “This transaction fully funds Next Hydrogen’s product development rollout plan through to 2023 which includes commercialization of a 1 to 3MW alkaline electrolyzer line this year followed by product lines for PEM electrolyzers and larger alkaline electrolyzers.”
The Financing enables the Company to execute its go-public strategy via reverse takeover and start trading on TSX Venture Exchange. Upon completion of the public listing process, Next Hydrogen will be the only pure play, green hydrogen electrolyzer company in Canada trading on a public stock exchange.
Fort Capital acted as a strategic advisor to Next in the Financing, including acting as financial advisor on the non-brokered private placement and serving as a co-manager in the brokered private placement. Next has also engaged Fort Capital in connection with introductions to corporations and organizations that could have an interest in the electrolyzer technology developed by Next Hydrogen for commercial purposes.